PCF Group PLC (LON:PCF) said managing director Robert Murray is to retire at the end of this month.
Murray informed the board in January of last year of his intention to retire, giving the specialist bank plenty of time to line up a successor and in December of last year the company recruited Garry Stran with the intention of Stran becoming the chief operating officer, which he has now done.
Murray, who has been with PCF for 27 years, has agreed to remain with the group in an advisory capacity.
Shore Capital, PCF’s joint broker, said, Stran “brings to PCF experience across credit management, corporate finance, advisory and fintech”.
Its forecasts for PCF remain under review.
It noted that at its current share price of 23.5p (unchanged on the day), the company trades on a trailing price/net asset value per share (NAV) of slightly less than 1.0 based on the NAV of 23.7p reported at the end of September.